Spiro secures $50 million to expand battery-swapping network in Africa

Spiro has secured $50 million in debt financing from Afreximbank, Nithio and the Africa Go Green Fund to expand its battery-swapping and charging network across several African countries.

Spiro, described in the report as Africa's largest electric mobility operator, has obtained $50 million in debt financing from the African Export-Import Bank, U.S. climate fintech Nithio and the Africa Go Green Fund to expand its battery-swapping network. The announcement came alongside other recent financings in the sector, signaling growing institutional interest in e-mobility across the continent. Spiro said it will use the capital to extend swap stations to existing and new markets and to advance technology such as automated battery swaps, fast charging and renewable energy integration. The company currently operates in multiple African countries and has conducted trials in others. Key facts: - The $50 million financing is structured as debt and is provided by Afreximbank, Nithio and the Africa Go Green Fund. - Spiro said the funds will be used to expand battery-swapping stations and to advance automated swaps, fast charging and renewable energy integration. - The company operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, and has trials in Cameroon and Tanzania. - Spiro has deployed over 80,000 electric motorcycles, circulated more than 300,000 batteries, completed 30 million battery swaps, and established over 2,500 swap stations; riders have logged over one billion carbon-free kilometers. - Since 2022 Spiro has raised more than $230 million to finance production and assembly facilities across Nigeria, Kenya, Uganda and Rwanda. - The announcement follows other recent sector financings cited in the report, including an IFC commitment to Arc Ride and ElectriFi funding for Gogo Electric. Summary: The financing is intended to support Spiro's expansion of battery-swapping stations and technology upgrades across several African markets. The deal is presented by funders as part of broader efforts to advance clean transport and sustainable industrial development on the continent.